Compagnie Financiere Richemont SA "Strong Results, Guidance Noise Misunderstood"

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Compagnie Financiere Richemont SA "Strong Results, Guidance Noise Misunderstood"

Global Research

26 May 2026ab

Compagnie Financiere Richemont SA Equities

SwitzerlandStrong Results, Guidance Noise Misunderstood

Retailers, Specialty

12-month rating Buy

Strong FY26 delivery, margin headwinds fade even if not explicitly guided to

Last Friday, CFR reported its FY26 results, which in our view again confirm its position as 12m price target CHF186.00

one of the sector’s most attractive long-term growth stories, driven by structural Prior : CHF182.00

jewellery tailwinds, best-in-class brands and strong execution. Despite multiple

Price (22 May 2026) CHF155.75

headwinds (i.e. high exposure to the Middle East and gold price appreciation), the

company delivered Q4 organic sales growth of +13% and beat on H2 margins. RIC: CFR.S BBG: CFR SW

Nevertheless, the stock closed slightly lower, seemingly reflecting disappointment that

Trading data and key metrics

management did not explicitly guide to reduced FY27 margin headwinds - something

52-wk range CHF176.45-130.10

that should not come as a surprise given the company's historical reluctance to guide.

Rather than expecting explicit guidance in a sector that typically does not provide it, our Market cap. CHF91.8b/US$117b

updated gross margin analysis (FX and raw materials) suggests headwinds are Shares o/s 590m (REG)

moderating. Combined with cyclical upside from a recovery in the typically volatile Free float 90%

Specialist Watchmakers division, this supports a return to positive earnings momentum Avg. daily volume ('000) 952

and potential further re-rating. We raise our FY27–FY29 EBIT est's by c.1%, offset by a Avg. daily value (m) CHF140.4

higher tax rate. We reiterate our Buy rating and continue to view the stock as a top pick.